SBP’s FX purchases rise above $1bn in Dec

March 31, 2026 (MLN): The State Bank of Pakistan (SBP) purchased $1.024 billion from the interbank foreign exchange market in December 2025, according to official data released by its Domestic Markets & Monetary Management Department.

The latest intervention marked a sharp rebound from the previous month, when SBP bought $620 million in November 2025, suggesting a renewed surge in foreign exchange inflows or increased need for market absorption in December.

On a year-on-year basis, December's purchases were nearly double the $536 million recorded in December 2024, reflecting significantly stronger inflow conditions compared to the same month last year.

During the first six months of fiscal year 2026 (July–December 2025), the central bank purchased a net $4.146bn from the market.

Purchases were heavily concentrated in September, October, and December, with each of those months exceeding $1bn, while July and August remained relatively subdued.

In comparison, SBP had purchased $4.95bn during the same period of fiscal year 2025 (July–December 2024), suggesting that despite December's strong showing, cumulative inflows over the half-year remain somewhat softer than last year's levels.

The latest cumulative figure represents a year-on-year decline of approximately $804 million.

The SBP defines Net FX Intervention as outright and swap purchases of foreign exchange minus outright and swap sales conducted with banks in the interbank market.

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